The 2025 budget includes a 1-mill reduction in the property tax rate. Newton’s assessed valuation rose by 12.7% for next year, a large increase after many years of relatively stagnant growth. With the mill levy reduction, the City will take in revenue equivalent to an 11% increase in valuation.
The $63.3 million budget includes:
- Four new positions at least partially funded by property taxes: an engineer, an IT technician, a Street maintenance worker and a Park maintenance worker.
- New swing sets installed at City parks and additional funding for playground replacement.
- Lighting for flags at Greenwood Cemetery.
- New software and increased IT security.
- About $400,000 for an anticipated increase in employee wages following a classification and salary study to make sure the City remains competitive in the job market.
The City Commission has prioritized economic development in recent years to help grow the tax base in the long term, which has resulted in an uptick in development projects and needed services.
Newton is now starting to see the resulting revenue growth, with a 12.7% increase in assessed valuation this year and 10% increase last year, after many years of relatively stagnant growth. If this trend can continue, it will mean a broader tax base and reduced burden on current property owners.